Corporate Governance

Atlanta – Manhattan Associates Inc. is entering a strategic alliance with Verifone that will offer retailers flexible and secure point of sale (POS) solutions as well as streamlined EMV migration. As part of the alliance, Verifone Point, which is built on Verifone’s Secure Commerce Architecture (SCA) will support Manhattan Associates’ POS solution.

Bon-Ton Stores Inc. cited growth in the e-commerce channel as among the reasons for the company's slight increase in same store sales in the first quarter.

Kearney, Neb. – The Buckle Inc. fell short of Wall Street expectations for profit in a generally disappointing first quarter of fiscal 2015.

Net income fell 10% to $33.6 million from $37.3 million, with higher cost of sales and selling, general and administrative (SG&A) expenses cutting into profitability.

Net sales slightly declined to $271.34 million from $271.67 million.

Same-store sales dropped 2.2%. In one bright spot, online sales increased 12.9%.
 

L Brands is showing that it continues to be a bright spot in a volatile specialty retail environment with its latest quarterly results.

The company raised its full-year adjusted earnings guidance to $3.50 to $3.70 a share, from its previous forecast for $3.45 to $3.65. The retailer reported profit of $250.5 million, or 84 cents a share, in the three months ended May 2, up from $157 million, or 53 cents a share, in the prior year period. Sales rose 5% to $2.5 billion.

New York -- Merchandise misfires are the bane of specialty apparel retailers. Most recently, Anthropologie, a division of Urban Outfitters, missed big time with its spring collection of cocktail dresses and maxis, which customers apparently found too pricey and/or not to their liking.

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Chesapeake, Va. – Dollar Tree Inc. plans to sell about 330 Family Dollar stores to obtain Federal Trade Commission (FTC) approval of its pending $8.5 billion acquisition of Family Dollar Stores.  

The company has not identified the buyer, the sale amount or which stores will be closed. The 330 Family Dollar stores represent about $45.5 million in operating income, according to Dollar Tree. Dollar Tree expects the Family Dollar purchase to go through in July 2015.

Jacksonville, Fla. – Earnings dipped at Stein Mart Inc. during the first quarter of fiscal 2015, even as net sales improved. Net income fell 3% to $13.6 million from $14.1 million a year earlier, with higher loan interest expense a major contributor.

Net sales increased 7% to $353.5 million, from $328.9 million. Same-store sales rose 4.8%. Higher store traffic and e-commerce sales boosted same-store sales results.

Minneapolis – Domestic demand for large-screen TVs and mobile phones helped Best Buy Co Inc. beat Wall Street projections for profits and sales in the first quarter of fiscal 2016. Net earnings fell 72% to $129 million from $461 million a year earlier, largely due to corporate restructuring charges.